What is your Business Plan?
What is Your Business Plan?
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Do you have a business plan? Â If it isn’t written down somewhere, I would argue that you do not have a business plan. Â You may have an idea of what your business is about and what you hope to accomplish through business ownership. Â Without following specific guidelines and WRITING it down, it is very difficult to determine if you are meeting your goals. Â A basic business plan will include the following components:
- Executive Summary.
- History (applies to existing firms, or perhaps the industry of your business)
- Mission or Vision
- Financial Plan (this is where I can help – do you know your break-even point?)
- Market Analysis
- Marketing Plan
Did you know that QuickBooks can help you with your business plan. Â There is an excellent component to your QuickBooks software. Â Go to Company > Planning & Budgeting > Use Business Plan Tool. Â I recently did this for my own business and I found it to be a valuable process. Â I have a plan for next year and I know the steps I will take to work my plan. Â I will also know if I reach my business goals and at what point I reach them. Â Another great resource for writing a business plan is the Small Business Administration.
If you are a business owner and you do not have a business plan, I strongly encourage you to get started. Â You will be amazed at what a difference it can make. Â If you ever go to a lending source for a loan, one of the first documents they will ask to see is a Business Plan. Â Have one put together that is persuasive, complete and well thought out.
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